Lot 60164 – Kwangtung. 7 Mace 3 Candareens ND (1889). NGC MS-62.
Stack’s Bowers and Ponterio have announced the results of their December 2015 Chinese and Asian Coin, Currency and Medal auction. Overall, prices realized exceeded estimates, with many lots showing heated competition. (All prices realized include the standard buyer’s premium).
Setting the pace for the sale, the very first lot to cross the auction block, an example of Warring States Period, State of Qi, Five Character Knife Money sailed past all estimates. Combining rarity and exceptional preservation, the knife drew spirited bidding to close at $15,535. Several minutes later, lot 60017, a gem Mint State Ting Wei 1907 Pattern Dollar, soared to $47,800. Tied for finest graded, the piece exhibited spectacular aesthetic qualities. Closing within a few hundred dollars of its $90,000 high estimate, lot 60089, a sensational Fine Style Hung Hsien 1916 Gold Dollar with Dragon Reverse, was of particular interest to seasoned collectors. Graded SP-62 by PCGS, the piece was clearly a presentation striking of great numismatic significance.
Broad and deep offerings of Provincial coinage have become standard in the firm’s Hong Kong auctions, and the December sale was no exception. The first coin offered, lot 60100, was a highly desirable undated (1898-99) Chekiang 3 Mace 6 Candareens that blew past its $13,000 to $16,000 estimate before settling at $28,680. Other highlights included a Year 30 (1904) Small Characters Hupeh Tael in NGC MS-62 that closed near high estimate at $23,900, along with a Large Characters variety example in PCGS AU-55 that also approached high estimate, closing at $33,460.
From Kiangnan, lot 60136, an 1898 Mint State (PCGS MS-63) 7 Mace 2 Candareens, soared to more than $10,000 above high estimate, reaching $35,850 before the dust settled. Very conservatively graded, bidders reacted positively to the premium quality of the piece. Also from Kiangnan, an extremely rare 1901 Dollar with extra stroke in “Sheng” closed at $38,837.50. Nearly all white with pleasing luster, the piece clearly demonstrated the appeal of rare varieties within this widely collected series. Not to be outdone, a 7 Mace 2 Candareens from Kirin cyclically dated 1901 shot past high estimate to bring $20,315. This variety displayed the dot within Manchu legend along with retrograde “S”.
One of the highlights of the sale was lot 60164, a Kwangtung 7 Mace 3 Candareens. [See full description below] As most examples have been melted, the offered coin in NGC MS-62 ranked as one of the nicest preserved survivors, and realized a solid bid of $95,600, making it the most valuable coin to change hands in the entire Chinese section of the sale.
Lot 60164 – Kwangtung. 7 Mace 3 Candareens (Dollar)
Among Modern Chinese coins, the auction results once again demonstrated an improving market, with an impressive 94.8% sell-through rate of the 135 lots offered. The clear stand out within the section was lot 60401, a five-piece 1992 Inventions & Discoveries proof set that fetched a very impressive $26,290 on an estimate of $15,000 to $20,000.
The second session of the sale presented coinage of Southeast Asia and provided a number of remarkable prices. From French Cochin China, an extremely rare 1879-A Piastre Essai realized a stunning $44,812.50 on a presale estimate of $20,000 to $30,000. Graded SP-63 by PCGS, the piece represented a masterpiece of French Colonial numismatic design. Other areas exhibiting strong collector demand included Hong Kong, as a pair of extremely rare 1868 proof coins in Dollar and Half Dollar denominations rocketed to $38,837.50 and $89,625.00 respectively.
Closing out the sale, a broad offering of paper money did not disappoint. The first lot, 70001, dated to 1287 and from the Yuan Dynasty in the denomination of Two Kuan, was issued contemporary to the rule of Kublai Khan. This extremely desirable note closed at $35,850. Far and away, the biggest surprise in the session was lot 70097, a likely unique 1863 CBIAC $10 Hong Kong Branch Note. Graded as Very Good-8 the piece demolished even the most exuberant expectations closing at $101,575 or better than five times high estimate!
The Stack’s Bowers and Ponterio December 2015 Hong Kong sale was a resounding success. For those considering consignment, the firm is currently accepting consignments for their April 2016 Hong Kong Sale as well as the 2016 ANA World’s Fair of Money auction. Contact a consignment representative by calling 949-253-0916 or via email at info@StacksBowers.com
lot 60164 Description
Mint State 7 Mace 3 Candareens Reversed Pattern
CHINA. Kwangtung. 7 Mace 3 Candareens (Dollar), ND (1889). NGC MS-62.
L&M-123; K-16; Y-198; W&S-0931; Wenchao-552 (rarity four stars). VERY RARE. Authorization to establish the Kwangtung mint was granted in 1887, implemented by Viceroy Chang Chi-Tung.
In order to modernize the mint, minting machinery, dies, hubs, and other equipment were ordered from the Heaton mint at Birmingham. Upon their arrival in 1888, Kwangtung became the first mint in China to use modern minting machinery. At this time, this mint was the largest in the world.
Patterns for the first coins were designed by Allan Wyon in the denominations of 1 Dollar, 50 Cents, 20 Cents, and 10 Cents. The first Heaton patterns were later delivered to the Chinese ambassador in London. For some reason, the initial order did not include the 5 Cent piece which was struck later at the Kwangtung mint. The series is referred to by numismatists as the “Seven Three Reversed Pattern”. The term “Seven Three” directly relates to the silver content. The term “Reversed Pattern” refers to the English and Chinese legends which are reversed from what later became standard.
Initially, Kwangtung introduced the first coinage with a higher silver value, with the intention of replacing foreign coins circulating within China. The standard of 7 Mace 2 Candareens was raised to 7 Mace 3 Candareens in order to gain public acceptance and replace the Mexican 8 Reales. Soon after its release, they were being melted down to retrieve the excess silver content. This coin is historically significant as it is the first modern machine struck silver coins of China.
Represented here is the first use of what became the “standard design” for provincial mints, bearing the effigy of a facing dragon. This type became the standard design, not only for the Kwangtung mint, but for all mints in China that adopted the dragon design.
The piece offered for sale here is quite RARE in that it is an actual circulation strike, most of which were melted down to retrieve the extra Candareen of silver. One of just three at this numerical grade, two in mint state and one in specimen, with just eight pieces certified finer (between mint state and specimen) at either NGC or PCGS. Beautiful multi-hued toning with the obverse a subdued golden-orange with faint azure hues around the legends at the periphery.
Estimate: $80,000.00 – $120,000.00
(珍 稀度, ☆☆☆☆) 廣東錢局在1887, 年獲准成立，這是由兩廣總督張之洞奏請試辦的。為使新廠能以現代化的方法造幣，使用的機器、原模及各種設備皆向英國伯明翰市的喜敦造幣廠訂購。設備在 1888, 年運到後，廣東錢局成為中國第一座以現代造幣機器製作錢幣的造幣廠，也是當時世界規模最大的造幣廠。第一套樣幣包括一元、五角、二角、一角，由艾倫偉恩設 計雕刻。這一套喜敦製的樣幣送交中國駐倫敦大使館。由於某些原因，這初次的訂單不包括後來在廣東錢局生產的五分銀毫。
此 系列被錢幣界稱為”七三反版”，”七三”這個字眼與含銀重量有直接的關連；”反版”是因其中英文安排的方式與後來成為標準形制的相反之故。廣東當局最初在 發行這種含銀較多的新幣時，是希望藉以取代當時在中國境內流通的外國銀元。認為將標準的七錢二分加重為七錢三分，可促使公眾接受並替代最通行的墨西哥鷹 洋。發行後卻因含銀量稍多而被熔毀以提取更多的銀子。
這是中國第一種以現代造幣機 器製作的銀幣，故極富歷史意義。蟠龍是第一次出現在中國錢幣上，因後來各省造幣廠皆仿傚此形式而成為“標準設計”。這套不僅僅是廣東錢局的標準樣本，也是 全中國各造幣廠龍銀的範本。這枚相當稀少，雖發行流通，但隨即被溶化以取得多出的一分銀子。此為NGC或PCGS中同評分三枚中的其中一枚，三枚中兩枚為 MS級一枚為SP級，另僅有八枚更高分。（在MS級和SP級中間）漂亮的多彩包漿，表面更呈柔美的金黃色調，並在外圈的文字間有淡淡的深藍色包漿。
About Stack’s Bowers Galleries
Stack’s Bowers Galleries conducts live, Internet and specialized auctions of rare U.S. and world coins and currency and ancient coins, as well as direct sales through retail and wholesale channels. The company’s 80-year legacy includes the cataloging and sale of many of the most valuable United States coin and currency collections to ever cross an auction block — The John J. Ford, Jr. Collection, The D. Brent Pogue Collection, The Louis E. Eliasberg, Sr. Collection, The Harry W. Bass, Jr. Collection, The Norweb Collection, The Cardinal Collection and The Battle Born Collection — to name just a few. World coin and currency collections include The Louis E. Eliasberg, Sr. Collection of World Gold Coins, The Kroisos Collection, The Alicia and Sidney Belzberg Collection, The Wa She Wong Collection, The Guia Collection, The Thos. H. Law Collection, and The Robert O. Ebert Collection.
Topping off this amazing numismatic history is the inclusion of the world record for the highest price ever realized at auction for a rare coin, the 1794 Flowing Hair Silver Dollar graded Specimen-66 (PCGS) that realized over $10 million, part of their sale of the famed Cardinal Collection. The company is headquartered in Santa Ana, California, with offices in New York, Wolfeboro, Hong Kong, and Paris. Stack’s Bowers Galleries is an Official Auctioneer for several important numismatic conventions, including American Numismatic Association events, the New York International Numismatic Convention, the Professional Numismatists Guild New York Invitational, the Whitman Coin & Collectibles Spring, Summer and Winter Expos, and its April, August and December Hong Kong Auctions.